August 11 2014 Bank of America Deal to Escape Prosecutuon - Injustace to U.S. Citizens.. Obama"s DOJ and Bank of America reach $16 billion mortgage fraud settlement. To Keep Criminal Banksters Out of JAIL

Protecting criminal Banksters: Obama"s DOJ and Bank of America reach $16 billion mortgage fraud settlement. To Keep Criminal Banksters Out of JAIL

Gabriel Black
Bank of America (BoA) is finalizing a settlement with the Department of Justice (DOJ) over claims that the bank palmed off worthless mortgages to investors, according to the Wall Street Journal.

The purpose of the anticipated deal is to protect BoA and its executives from lawsuits. As in other deferred prosecution agreements, the Obama administration is charging a misleading sum (a record $16 or $17 billion at face value) in exchange for what amounts to immunity. The arrangement will ensure that no banker at BoA will be prosecuted for the bank’s role in the criminal practices that crashed the world economy.

In the lead-up to the financial crisis, BoA and its subsidiaries sold hundreds of billions of dollars of toxic mortgage assets to investors. The bank knew that the actual value of these mortgage- backed securities was just a fraction of what it sold them for.

The rumored deal between the BoA and DOJ follows in the footsteps of several such agreements between the major banks and the Obama administration. It is expected to have the same terms.
In November 2013, the DOJ worked out a $13 billion settlement with JPMorgan Chase. Better Markets, a non-profit Wall Street watchdog, stated that the agreement gave the bank “blanket civil immunity for years of alleged pervasive, egregious and knowing fraudulent and illegal conduct that contributed to the 2008 financial crash and the worst economy since the Great Depression.”
News outlets are reporting on the unprecedented price tag affixed to the BoA agreement, reportedly somewhere between $16 and $17 billion. In fact, Bank of America will pay a fraction of this fine.
As the Washington Post noted in 2012, “Corporations can write off any portion of a settlement that is not paid directly to the government as a penalty or fine for violation of the law. A majority of the settlements that federal regulators announced in the past year include some form of restitution that is eligible for a tax deduction.”

According to the Journal’s anonymous source, $9 billion of the amount is tax deductible.
If the write-off is successful, Bank of America will get this sum, more than half of the total agreement, back within a year. After passing through the DOJ this money will eventually end up in the hands of the US Treasury—the agency which gave trillions of dollars to the big banks. Forbes magazine reports that some of the money could also go to states and other government agencies.   Read Full Article